eGeneration to raise Tk 15cr from market
Local system integration and software solutions provider eGeneration is defined to improve Tk 15 crore from the currency markets to expand its IT business in the coming years.
The company received the Bangladesh Securities and Exchange Commission's approval previous October to offload 1.5 crore shares. The business was incorporated in 2003, the year it began commercial operations.
Subscriptions for the initial public offering (IPO) began to be accepted since yesterday and will continue until January 18. The IPO proceeds will be used to buy professional space and repay loans.
The business enterprise also plans to invest Tk 1.83 crore of the fund to improve its IT infrastructure for the production of digital healthcare systems to increase revenue generation.
It will also boost eGeneration's capacity to better serve overall health sector clients with emerging technology such as for example artificial intelligence, machine learning, big data examination and blockchain, the business said in its IPO prospectus.
It will help the organization save on cloud subscription service fees of Azure and Amazon internet services together with third-party data center costs, it added.
The government has a lot more than Tk 800 crore worth of healthcare transformation projects in the works for another couple of years, the business said, adding that using information and communication technology was a unique concept for providing better health service.
It said to have already been conducting research and production work in health technologies for days gone by two years.
The company plans to settle Tk 3.40 crore of its debt to IPDC Finance to minimise its interest burden of 11.5 % per annum.
As the require for this solutions has been growing amid the ongoing coronavirus pandemic, IT based companies have huge potential, said inventory investor Torikul Islam.
"So, its inclusion may have a positive effect on the stock market," he added.
Local demand for software stood at $1.10 billion in 2017 although it is forecasted going to $ 4.6 billion in 2025, in line with the IPO prospectus.
"We wanted to pave just how for other technology corporations in Bangladesh to get encouraged by our achievement, raise cash from the local market, and show their accomplishments with tiny investors," said Shameem Ahsan, managing director of eGeneration.
"We believe this is how our ICT industry may flourish and have Bangladesh to a respected situation in the global tech arena in the next decades," he added.
